“In Home Credit’s four years so far in the country, we have observed that Filipinos tend to have a very positive attitude, and this is also true when it comes to buying goods. And often, they buy things not just for personal enjoyment, but also for enriching their lives and their loved ones,” explained Home Credit Philippines’ CEO Annica Witschard.

Home Credit, a Prague-based Fintech company that allows consumers to purchase smartphones and other goods on installment even without a credit card, celebrated a big milestone recently as it reached the one million customer mark, less than five months after reaching 600,000, and less than four years since serving their very first customer.

Since launching in Manila in 2013, Home Credit has quickly grown its business of in-store financing of gadgets and other goods, especially for customers with no credit card or are first-time loan borrowers.

In 2016, the company grew its customer base from 280,000 to 600,000, and in the first few months of 2017, Home Credit expanded its reach in all major islands to become officially nationwide. Just a few weeks after that, the company welcomed its one millionth customer. Today, Home Credit is present in over 2,500 partner stores in Metro Manila and 27 provinces, where they offer 0% interest installment promos and other popular loan products.

Home Credit’s secret formula

Asked for their “winning formula”, Ms. Witschard explained that aside from the huge popularity of their 0% interest loan promos and rapid expansion, their various partnerships—such as with leading retailers as well as the biggest electronics manufacturers—have also been big factors in their success.

“For us, it’s very much a win-win situation. We help our partners provide a good financing alternative for their customers who don’t have a credit card; at the same time, the huge popularity of products from companies such as Huawei, OPPO, Samsung, and Vivo help to drive demand for our own financing services,” she said.
“And of course, at the end of the day, the big winners are our customers,” Ms. Witschard added.

Safe lender

On what they have in store for customers moving forward, Ms. Witschard said that they can expect even more 0% interest promos with more partners, in more stores around the country. She likewise emphasized the importance of good customer service, even more so as they continue to grow.

“At Home Credit, we like to say ‘HC means Happy Customer’, and we take that commitment very seriously. So as we set our sights on our next one million customers, we remain committed as a safe lender that we will give our customers the best quality of service that they deserve,” she said.

According to Ms. Witschard, the company is “doubling up on training our customer-facing employees, such as sales associates and credit advisors, to be even better listeners and communicators. We want them to understand where our customers are coming from and what their needs are.”

These efforts are on top of existing “safe lending” features that Home Credit offers to customers, such as the option to avail of insurance along with the loan; a 15 day “cooling-off” period that allows customers to pay back the full loan at no added cost within this time period; and a loan “safety guarantee” that promises full transparency on loan products with no hidden charges.

For more information on store locations, new promos for partners such as Huawei, OPPO, Samsung and Vivo, and useful tips for customers and interested applicants, visit www.homecredit.ph.

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